As COVID-19 vaccines become more available, employers may want to consider their options with respect to incentivizing employees to get the shot(s). And as is usually the case in the world of employee benefits…employers need to proceed with caution and care as they ruminate on this matter. Here are some important considerations relative to encouraging employees to get vaccinated against COVID-19 –
The COVID-19 pandemic related CARES Act granted tax preferred status to loan repayment employee benefits. Referred to as loan repayment assistance programs – LRAPs or EAPs (educational assistance programs), this new tax preferred benefit is available through 2025 (unless extended), thanks to the Consolidated Appropriations Act (CAA) which was signed by the President toward the end of December, 2020. LRAPs/EAPs provide employers with yet another employee recruitment and retention tool, but there are important considerations.
